Zurich launches Sterling Discretionary Loan Plan Trust by Finance News Bulletin
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Published: 06/12/06
The Sterling Discretionary Loan Plan faith has been made available from Zurich through teamwork with its investment brand SterlingTailored towards mediators and their customers, the Sterling Discretionary Loan Plan Trust is designed to facilitate the inheritance duty (IHT) planning processZurich's new faith can be used in conjunction with the Sterling Investment Bond, with the aspire to ensure that investment growth stays separate from the person's estate, maintaining that less IHT is applicable as a resultPaul Wright, Zurich's investment organization director, remarked: "The launch of our new Discretionary Loan Plan faith completes our review of our core faith proposition following the changes in the Finance Act
"As IHT affects a rising number of people in the UK and becomes an increasingly significant part of the monetary planning process, we are now able to offer intermediaries and their customers a broad choice of market leading solutions to alleviate a potential IHT liability"The Sterling Discretionary Loan Plan faith takes its place alongside a range of IHT planning products, made up of three optional trusts and three bare trustsZurich was founded in 1872, is headquartered
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UBS takes new $10bn subprime hit - Published:12/12/07
All times are London time Search information in the FTcom siteSearchSearch speech marks in the FTcom sitespeech marks In depthBreadcrumb trail navigation:FT Home > In depth > Global credit squeezeServicesUBS on Monday became the second large investment bank in a fortnight to be bailed out by a sovereign riches fund when it announced a SFr194bn ($172bn) recapitalisation diagram after revealing another $10bn of losses on subprime mortgage securitiesUBS was compulsory to turn to the administration of Singapore Investment Corporation (GIC) and an unnamed investor from the center East for funds to shore up its balance sheet after the fresh wounded emergedHowever, hopes that the fresh assets and writedowns might mark a turning point for UBS sent its shares up almost 2 per cent even though the Zurich-based bank warned that it could proclaim its first full-year loss since it was created a decade agoThat warning upturned a forecast made only in October that UBS would return to productivity in the fourth quarter, after posting its first quarterly loss in five existence in the previous three-month period because of subprime woundedMarcel Ospel, UBS chairman, batted away suggestions that his trustworthiness had been undermined by the events“The firm wants me to wait,” he said “I required to be part of the solution and continue to contribute to the success of this firm I would be a coward if I left nowinside a reprise of Abu Dhabi’s $75bn asset in Citigroup late last month, GIC decided to inject SFr11bn while an unnamed Middle East investor will put up a further SFr2bn, both via mandatory convertible bondsUBS’s latest leadership implies fourth-quarter losses could exceed the SFr77bn earned after tax in the first nine months of this yearThe bank would further boost its row 1 capital by SFr2bn by selling unissued shares, previously due to be cancelled, and by another SFr44bn by paying its bonus for 2007 in stock instead of money UBS said the combined moves would lift the bank’s Tier 1 assets ratio to more than 12 per centMarcel Rohner, leader executive, also defended UBS’s valuation of its subprime portfolio that led to October’s proceeds caution, saying the requirement for further writedowns had become apparent during late November“In our judgment, these writedowns will make maximum clarity on this issue and will have the effect of substantially eliminating speculation,” he saidHuw van Steenis, psychoanalyst at Morgan Stanley, said UBS had “topped up the boiler at the cost of a possible 26 per cent dilution to earnings per split He estimated that UBS could take another SFr6bn of losses while maintaining a Tier 1 relation above 10 per cent“Some shareholders feel overly diluted, despite the new footing UBS has known itself a good cushion if it wants to take more writedowns, not necessarily in subprime,” he said “As the bank shrinks the balance sheet it needs to be able to soak up hits elsewhere”Mr Ospel said the bank was underscoring its commitment to be among the most excellent capitalised in the earth in support of its wealth and asset management business, its other core activity alongside investment bankingmesh new money in wealth organization reached a record SFr30bn in October and November, heralding the best money-gathering district in the bank’s the pastMr Rohner said a key reason behind the recapitalisation plan was to reassure private banking customers “We think it’s very important for the wealth organization business to operate with a strong capital base Our riches management clients are sensitive to that It puts us in a position to soak up future shocks”Copyright The Financial Times Limited 2007Lex: UBS record - Dec-10European View: UBS chairman Ospel should fire himself - Dec-10UBS unlocks outside assets to absorb losses - Dec-10Editorial comment: Cyclical assets - Dec-10Singapore finance targets financial groups - Dec-10Marcel Ospel: UBS’s power broker - Dec-10More in this section* Minimum holdup 15 minutesAll era are London timeFT HomeSite mapContact usHelpAdvertise with the FTMedia centreStudent offersFT ConferencesFT SyndicationCorporate subscriptionsFT GroupPartner sites: Chinese FTcomLes EchosFT DeutschlandExpansionInvestors ChronicleExec-Appointmentscom© Copyright The Financial era Ltd 2007 "FT" and "Financial era" are trademarks of The Financial era Ltd.
Read More: Ubs Takes New $10Bn Subprime Hit >>Swiss Life trusts Gut in dealmaking - Published:06/12/07
All times are London time Search information in the FTcom siteSearchSearch speech marks in the FTcom sitespeech marksCOLUMNISTS ObserverBreadcrumb trail navigation:FT Home > Comment & psychoanalysis > Columnists > ObserverServicesRainer Gut, the experienced person Swiss banker few ever dared to cross, appeared to go back from the shadows this weekGut was for years the top dog at Credit Suisse, where he still has an office as voluntary chairman, and at Nestlé, which he also chaired But his emergence, old 75, as an adviser to Swiss Life on its large German acquisition this week seemed a small unlikelyThe dominant Swiss pensions and insurance group named two advisers on its €112bn conquest: Credit Suisse and Gut business Finance, a hitherto unknown outfitA flick through the Zurich telephone directory lists no such process But diligent sleuthing by Observer reveals the company is what it sounds – or almostDiners at Nine, a lately opened trendy Zurich bar and restaurant, will already have made the acquaintance of Mike destroy by fire, an events organiser and restaurateur But it is Alexander destroy by fire, the elder Gut’s other young man, who is behind the new corporate finance boutiqueA trained accountant, Alexander Gut spent 14 existence at KPMG before moving to Ernst & youthful to head auditing for banks and cover companies This year, he decided to go it alone, setting up supermarket in July Swiss existence was his first big dealJust how trustworthy are environmentalists They like to present themselves as caring, trustworthy and worried about civilization Many undoubtedly are, but the Balinese hosts of the major United Nations type of weather change conference under way on the Indonesian island are not completely convincedThe conference organisers laid on 200 gratis bicycles for delegates to shuttle between venues Unfortunately, by the finish of Monday, the first day of the 12daylight hours event, 13 of them had already been stolenApart from the staff supervision the scheme, the only people with access to the bicycles are the 10,000 delegates They have to show their identification cards and give their accommodation details before they are allowable to ride awayIn theory, the culprits should thus be easy to find Alas not When the addresses of the supposed thieves were contacted, the occupants of the respective lodge rooms were not the people who had borrowed the bicycles Perhaps the populace who took the bicycles have gone on a cycling festival around Bali and will return them in due coursespectator doubts this, though, and wonders just how much hope there is of the delegates attainment a deal to negotiate a replacement for the Kyoto procedure on type of weather change if such a less-than-honest streak is so prevalent in their midst Let us hope the bike theft is not the tilt of a steadily melting icebergIt was characteristic bankers’ one-upmanship as four of them faced a grilling from the UK Treasury select group of MPs on TuesdayWhen asked to rate how accurate they consideration their valuation models were, Bill Mills, head of Citigroup’s Europe operations, supposed 8 out of 10 – only to be topped immediately by Jerry Corrigan of Goldman Sachs who gave his solid a 975 out of 10Mills then came back to explain that, no, he had actually meant Citi’s wounded were $8bn to $10bn and he thought his firm’s valuations were 100 per cent spot on“If this were Strictly approach Dancing, we’d be responsibility very well,” observed John McFall, committee chair, before having to explain his reference to the programme – alike to Dancing With the Stars in the US – to New York-based CorriganSuch comparisons would have been unwanted at Citigroup References to dancing still trigger painful memories of Chuck Prince’s comment to the FT in July that Citi was “still dancing” in the credit marketsSlovenia is a small country with large ambitions From January 1 the 2m-strong state will grasp the six-month rotating government of the EU, the first of the clutch of eight ex-communist states that connected in 2005 to take on the responsibilityWhile the former Yugoslav republic’s affirmed aims comprise finally resolving the conflicts sparked by the messy end of its former homeland, it has already achieved something remarkable: inventing a fifth constituentSlovenia’s presidency logo, unveiled at the weekend, is a multi-coloured affair, the form of an oak leaf, in honour of Slovenes’ sturdy nature It also represents fire, air, soil, water and ether, apparentlyThe leaf’s top is shaped by Mount Triglav (earth) but it gives the appearance of blowing in the wind That is not a reference to the country surviving 500 existence at the crossroads of powerful empires, but instead it is ether, summing up its liberty and spiritual values”Slush funds are apparently de rigeur in South Korea Samsung, the country’s biggest conglomerate, is caught up in a spiralling scandal rotating around allegations that it has been in service slush funds to bribe influential officials – allegations that it strongly denies Now, a newspaper review suggests that slush funds are usually kept by housewives too More than 65 per cent of wedded women have a secret fund that their husbands don’t know about, according to a Chosun Ilbo/Embrain survey More than a fifth supposed they have between Won1m and Won3m squirreled away, while almost as many supposed they have between Won3m and Won5mCopyright The Financial Times incomplete 2007BlogsBrussels BlogCharles PretzlikClive CrookDear LucyEconomists’ ForumEnergy FilterJohn GapperGideon RachmanTech BlogThe in secret EconomistWestminster BlogWillem Buiter’s MavereconRegional pagesLatin American agendaChinaIndiaBrusselsInteractivePodcastsDebates & pollsAsk the expertMarkets Q&A* Minimum holdup 15 minutesAll times are London timeFT HomeSite mapContact usHelpAdvertise with the FTMedia centreStudent offersFT ConferencesFT investigate CentreFT SyndicationCorporate subscriptionsFT GroupPartner sites: Chinese FTcomLes EchosFT DeutschlandExpansionInvestors ChronicleExec-Appointmentscom© Copyright The Financial era Ltd 2007 "FT" and "Financial era".
Read More: Swiss Life Trusts Gut In Dealmaking >>Zurich home insurance warning to home buyers - Published:14/09/07
Zurich has advised people moving home to make sure that they check and update their house insurance when they arrive in their new propertyAccording to a survey conducted by the house insurance supplier, only 17 per cent of people take the time to inform their insurer of changes when touching outThis comes despite the average proprietor travelling 125 miles in their lifetime as they head to new houses"Homeowners should be conscious that a climb up the property ladder has significant implications beyond just the move itself," said Steve Gilbert, house underwriting manager at Zurich Insurance"We would advise everyone to create sure that they protect their ideal home with adequate cover to ensure that their property thoughts don't become a nightmare"Last month, Direct Line said that people should inform their provider if they transport items such as art and jewellery into their.
Read More: Zurich Home Insurance Warning To Home Buyers >>